The $700M vote for inference hardware

Etched's $700M financing at a $21B valuation was the week's largest disclosed company check. Jane Street led after testing the hardware; Etched says it shipped its first rack to the investor. Rillet followed with a $100M Series C at a $1B valuation, led by ICONIQ, to build an AI-native ERP for finance teams. 12

The next checks target deployment. Smack Technologies raised $61M in Series B financing for its Omega military fires system and Alpha wearable hardware; Reuters names Costanoa Ventures, First In, Point72 Ventures, and Geodesic Capital among the investors, without identifying a lead. Terra Industries added $18M to close a $52M cumulative seed round for defense infrastructure across the Global South. 34

Relativity Networks raised $22M in SAFE note funding from Rhapsody Venture Partners, Bell Ventures, Faster Than Glass, and others, alongside a $40M follow-on order from an unnamed hyperscaler. Medly AI raised an $8M seed round led by Felix Capital, with Eka Ventures and Ada Ventures participating; the UK tutoring startup says it has reached more than 400,000 users. 56

The selected headline amounts add to $943M. Newly announced capital is $909M when Terra is counted at its $18M top-up rather than its cumulative seed total. The week's clearest pattern is capital moving toward systems that can be deployed: inference hardware, finance infrastructure, defense tools, and data-center networking. Six disclosures are enough to frame diligence questions; they are not a market total.